US auto sales stronger than expected in September

US auto sales were higher than expected in September after
automakers offered a record amount in incentives to buyers.

According to Autodata, sales reached a seasonally adjusted annual
rate of 17.76 million. Analysts had forecast a rate of 17.45
million, according to Bloomberg.

Still, compared with an even stronger September 2015, many
companies reported year-over-year declines on Monday. That
includes the Big Three US automakers —Ford, GM, and Fiat
Chrysler.

Here's the scoreboard:

GM: -0.6% (-1.6% expected)

Ford: -8.1% (-8% expected)

Fiat Chrysler: -0.9% (5.1% expected)

Toyota: 1.5% (2% expected)

Honda: -0.1% (0.6% expected)

Volkswagen: -7.8%

Mercedes-Benz: 3.1%

Mitsubishi motors: -4.8%

Carmakers offered a record $3,923 in incentives per vehicle in
September, according to Bloomberg.

Ford spooked investors last month when it suggested that
the auto market has peaked after a record year of sales in
2015. The company said during its sales call with analysts that
it would be "really tough" to match the performance of last
year.

Those comments were accompanied by other concerns about
carmakers increasing the incentives that attract prospective
buyers. Companies usually raise incentives when
they're trying to guard their market share from
competitors amid worries that sales have peaked.

But because car companies are selling lots of more expensive
trucks and SUVs, which are more expensive than sedans, the
discounting could offset losses from incentives on cheaper cars.

Meanwhile, electric car maker Tesla
on Sunday said it delivered 24,500 vehicles in the third quarter.
That's an increase of 111% from last year, but indicates
that the company is running slightly below pace for
the 50,000 second-half number it set for itself.
Tesla releases its numbers on a separate schedule from most
other carmakers.